LAHORE: The vacation of a stay order by the Lahore High Court (LHC) in the case concerning the windfall income tax on banks has resulted in a benefit of Rs11.5 billion to the national exchequer.
In total, the exchequer gained Rs34.5 billion within a month due to progress in related legal cases.
After taking notice of the stay orders on cases related to the windfall income tax under the Finance Act 2023, the prime minister directed the Law Minister, Finance Minister, Attorney General, and FBR Chairman to form a strong legal team to argue the cases.
Last month, the Sindh High Court’s verdict led to the recovery of Rs23 billion. The recent Lahore High Court decision contributed an additional Rs11.5 billion.
The prime minister praised the efforts of Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, Attorney General Mansoor Awan, FBR Chairman Arshad Mehmood Langrial, and Finance Secretary Imdad Bosal, along with their teams.
He said that the dedication of the legal and financial teams made this significant recovery possible. These effective steps, he added, would strengthen tax collection and improve the country’s economic outlook.
The recovered amount of Rs34.5 billion has been deposited into the national exchequer and could now be allocated for public welfare projects in health and education.
